EVENING SNAPSHOT – Europe Markets Summary

29 April 2013 17:10[Source: ICIS news]

LONDON (ICIS)--Here is Monday’s end of day European oil and chemical market summary from ICIS.

CRUDE: June WTI: $94.05/bbl, up $1.05/bbl. June BRENT: $103.48/bbl, up 32 cents/bblCrude oil futures surged, supported by firm stock markets in Europe and the US; and the formation of a new Italian government. The Italian government successfully sold five and ten-year bonds on Monday morning at the lowest rate since October 2010.

NAPHTHA: $812-814/tonne, up $3/tonne on the low end, up $2/tonne on the high endThe cargo range edged up. There was one trade at today’s open market session. May swaps were assessed at $811-812/tonne.

BENZENE: $1,380-1,390/tonne, up $10-20/tonneThe market started to move back up, with a premium for the first half of May emerging again. The current month was valued at $1,380-1,390/tonne, trading twice at $1,385/tonne, while the range for early May was at $1,385-1,410/tonne. June was valued at $1,360-1,385/tonne.

STYRENE: $1,565-1,580/tonne, up $10-15/tonneThe market edged up, with bids at $1,565/tonne but no firm offers. Activity was largely subdued because of holidays across Europe this week.

TOLUENE: $1,120-1,170/tonne, steadyOffers held steady for May as upstream numbers recovered, although buyers remain unwilling to follow. The arbitrage window from Europe into the US remains closed at these levels, effectively keeping demand for spot parcels limited. There is also expectation across the wider aromatics sector that demand will see an upturn next month, with key end-use markets such as construction and food packaging entering a seasonally strong period.

MTBE: $1,064-1,074/tonne, up $7-17/tonneNo trades were reported, but the range has been assessed up on higher bids heard during the open market session. EuroBob gasoline traded at $951-952/tonne FOB ARA.